New Omani News Agency Developments: Implications for Investors and Entrepreneurs
Economic Relations Strengthen Between Oman and Algeria
Algiers, July 12 – Economic and investment relations between the سلطنة عمان و ال Democratic People’s Republic of Algeria have seen notable development following recent visits by leaders of the two countries, with a particular emphasis on the investment sector.
Sief bin Nasser Al-Bada’i, Oman’s Ambassador to Algeria, stated that both nations are experiencing a significant economic activity driven by the commitment of His Majesty Sultan Haitham bin Tariq و President Abdelmadjid Tebboune to enhance economic ties. This is being accomplished through agreements and memoranda of understanding, especially regarding the establishment of a joint investment fund, which is currently negotiating key projects.
The ambassador highlighted Algeria’s interest in Oman’s investment environment and mentioned that the embassy is channeling numerous inquiries to the “Invest in Oman” platform. This initiative aims to provide Algerian investors with crucial information about the benefits, procedures, and incentives available in Oman.
Recent months have seen visits from various Algerian companies, with expectations of further visits from pharmaceutical industry firms to Oman in the near future. The ambassador expressed hope that these efforts will lead to a strategic partnership that meets the ambitions of both countries’ leadership.
بالإضافة إلى ذلك، Mohammed bin Ali Al-Lawati, Director of the Investment Promotion Department at the Ministry of Commerce, Industry, and Investment Promotion, emphasized that Oman allows foreign investors to own 100% of projects without a local partner in most economic sectors, enhancing the control and appeal of its business environment compared to neighboring markets.
Oman also offers attractive tax incentives, including exemptions from income tax for up to 10 years in key sectors like industry, tourism, agriculture, و تكنولوجيا, along with customs exemptions on imports of raw materials and machinery for production projects, significantly reducing establishment and operational costs.
Omar Rekach, Director General of the Algerian Agency for Investment Promotion, mentioned that the agency aims for Omani investments in Algeria to exceed $10 billion in the medium term. He noted that the establishment of the Omani-Algerian investment fund is a pivotal step in activating economic cooperation.
Interest has been registered from several Omani companies regarding investments in Algeria, including the creation of a joint maritime shipping line and negotiations with Algerian firms for a Hyundai vehicle project and a joint fishing fleet involving Mauritania as a third party.
Moreover, ongoing discussions are focused on investments in the pharmaceutical sector and establishing an aluminum smelting project in Algeria, with efforts underway to secure the necessary land for the project.
Rekach pointed out that the Algerian government has implemented significant reforms, creating a new investment framework that ensures legislative stability and protects both local and foreign investments. Since the introduction of this new system, the agency has recorded a surge in registrations, totaling over 15,600 projects مع 271 foreign investments.
/Oman News/
Mohammed Al-Saifi
End of Economic Bulletin
تحليل خاص من عمانت | تصفح سوق عُمان
The recent economic engagement between Oman and Algeria signals a substantial opportunity for business expansion and investment in both countries, particularly in strategic sectors such as pharmaceuticals and manufacturing. Investors should be aware of the 100% foreign ownership policy and attractive tax incentives, which make Oman a favorable investment destination compared to neighboring markets. Smart entrepreneurs should consider positioning themselves to leverage this growing bilateral partnership, especially in light of the newly established joint investment fund aimed at enhancing cooperation.
المصدر: أخبار عُمان
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